Grupo Aeroportuario del Sureste (NYSE:ASR) reported third-quarter results marked by the September acquisition of CPC Aeroportos, which added 20 airports to its portfolio and expanded the company’s presence in Brazil, Ecuador, Costa Rica and Curaçao.
Chief Executive Officer Adolfo Castro said the acquisition, together with ASUR’s December 2025 purchase of U.S. commercial operations, has reshaped the company into an airport operator spanning 36 airports in seven countries, plus commercial operations at three U.S. airports. On a pro forma basis, the combined airport portfolio served approximately 120 million passengers in 2025, compared with 70 million previously reported by the company.
Traffic Declines Amid Mexico, Puerto Rico Weakness
Total passenger traffic declined 1.2% year over year to 20.9 million passengers, including nearly 4 million passengers contributed by Brazil and Others during September. Traffic in Mexico fell nearly 5%, primarily because of weaker international traffic at Cancún, while growth in domestic traffic at the company’s other Mexican airports partly offset the decline.
Castro cited airline capacity constraints, higher jet fuel prices and the impact of Spirit Airlines’ bankruptcy as factors affecting demand, particularly for international travel. Passenger volumes to and from the U.S., Europe and South America declined 14.9%, 14.4% and 7.9%, respectively, while Canadian traffic increased 5.7%.
Puerto Rico traffic declined slightly more than 3%, also reflecting Spirit’s bankruptcy and softer domestic and international demand. However, Castro said September traffic in Puerto Rico rose just over 3% after declines in July and August.
Colombia remained the strongest-performing region, with traffic rising just over 5% on growth in both domestic and international travel. Brazil and Others posted growth of just over 1% for September, as low-single-digit gains in Brazil and Ecuador more than offset declines in Costa Rica and Curaçao.
Looking ahead, Castro said ASUR remains cautious on the outlook for Mexico’s international market. Based on airline schedules, only December has more planned seat capacity than the prior year during the winter season, he said. Airlines could still adjust their schedules, but the current outlook is “not encouraging” for the broader winter period.
Revenue Rises, While Margins Narrow
Revenue excluding construction revenue increased nearly 13% to 7.8 billion Mexican pesos. Non-aeronautical revenue rose just under 27%, aided by 456 million pesos from U.S. commercial operations, 362 million pesos from Brazil and Others for the month of September, and 16% growth in Colombia.
Aeronautical revenue increased 5% to 4.8 billion pesos, including a 315 million-peso contribution from Brazil and Others. Higher passenger traffic supported aeronautical revenue in Colombia, while Puerto Rico benefited primarily from exchange-rate effects. Those gains were partly offset by lower traffic in Mexico.
Commercial revenue per passenger increased 3.5% to 130.5 pesos, chiefly reflecting the U.S. commercial business. Puerto Rico generated the highest commercial revenue per passenger at 163.3 pesos, up 2%, followed by Mexico at 129 pesos. Mexico’s figure declined 10% year over year, which the company attributed largely to traffic weakness and passenger mix.
ASUR opened 39 commercial spaces over the past 12 months: 31 in Colombia, seven in Puerto Rico and one in Mexico.
Consolidated EBITDA rose 1.7% to 4.7 billion pesos. Brazil and Others contributed 313 million pesos of EBITDA in September, while U.S. commercial operations added 49 million pesos. EBITDA gains in Puerto Rico and Colombia offset a 10% decline in Mexico.
Adjusted EBITDA margin declined 7.4 percentage points to 60.3%. Brazil and Others reported a 46.3% adjusted EBITDA margin for September, while the U.S. commercial business posted a margin near 11%. Castro said the U.S. business has a different cost structure, including lease obligations to airport authorities, and is still incurring expenses for commercial projects that are not yet generating revenue.
Integration, Capital Spending and Financing
ASUR is working to integrate the CPC airports but does not expect significant operating synergies. Management said it sees opportunities to improve commercial revenues and operating efficiencies, including at airports outside Brazil. Castro said newly appointed Brazil-region leader José Formoso brings experience managing concessions and more than two decades of experience in Brazil.
The company is also moving to bring in-house the technical assistance and technology-transfer services currently provided by ITA. Shareholders approved the move on Aug. 20, although management said the process will require regulatory and tax approvals. Castro said ASUR expects an EBITDA benefit because it will eliminate the external technical-assistance fee, which totaled about 401 million pesos in 2025, although the company will assume the costs of providing the services internally.
ASUR ended the quarter with 20 billion pesos in cash and cash equivalents and nearly 70 billion pesos in total debt. Net debt to last-12-month EBITDA was 2.6 times, up from 0.2 times, reflecting the acquisitions and associated financing.
During the quarter, Cancún Airport issued $1.8 billion in senior notes split between $900 million due in 2031 and $900 million due in 2036. The company used proceeds to repay acquisition bridge facilities, repay the remaining Santander loan and partially prepay a BBVA loan. Castro said the refinancing extended average debt maturities by seven years.
Capital expenditures totaled 2.7 billion pesos during the quarter. For next year, ASUR expects total capital spending of about 11 billion pesos, including nearly 6 billion pesos in Mexico, 1.8 billion pesos in Costa Rica, 1.7 billion pesos in Puerto Rico and 1.5 billion pesos in Brazil. Management said it expects all regional operations except Puerto Rico to fund their planned investments through operating cash flow and does not expect additional leverage next year.
Key projects include the expansion of Cancún’s Terminal 4, a second runway at Curitiba expected to be completed in 2029, runway refurbishments at several Brazilian airports, and the first phase of terminal expansion at San José Airport in Costa Rica. ASUR also expects to pay two extraordinary dividends of 10 pesos each on Nov. 30 and Dec. 23.
About Grupo Aeroportuario del Sureste (NYSE:ASR)
Grupo Aeroportuario del Sureste, SAB. de C.V. (NYSE:ASR), commonly known as ASUR, is an airport infrastructure company that develops, operates and maintains airports. Its activities include passenger and aircraft services, terminal operations, commercial facilities, parking, and other services related to airport transportation.
ASUR operates a portfolio of airports in southeastern Mexico, including Cancún International Airport, one of the country’s major tourism gateways, as well as airports serving Mérida, Cozumel, Oaxaca, Huatulco, Veracruz, Villahermosa, Tapachula and Minatitlán.
